In the oil and gas sector, it is quite common for companies to create what is called a joint venture (JV). In this type of business model, multiple parties, such as two or three companies or a consortium, share in both the financial risk and rewards of their specific business activity or unit through an agreement for a joint operation. As a result of the complexities involved in creating and managing this type of arrangement, JVs create challenges for businesses with respect to audit planning, financial oversight, the process to verify and claim incurred costs, and the ability to report transparently. The Joint Venture Audit Planning and Reporting Training course at the Imperial Corporate Training Institute was created to provide students and practitioners with a framework for how to develop, execute, and report on audits of JVs in compliance, accuracy, and stakeholder confidence.
The course will cover all of the stages involved in the audit process of JVs including understanding the governance model and contract structure; identifying and developing a strategy for the audit; and preparing a well-structured audit report. Course participants will be exposed to a variety of financial aspects of JVs and how to implement internal control systems, develop the methodology for a risk-based approach to audit planning, and how to write and present a clear and actionable report based on best practices in the industry. Upon completion of this course, students will have the skills needed to conduct a well-structured audit and create a well-written, defensible report to assist in decision-making in a complex JV environment.
Objectives
By completing this training course, participants will be able to:
- Learn the organizational aspects and decision-making of joint ventures in oil & gas.
- Utilize professional audit planning methods that adhere to joint venture agreements.
- Identify financial, operational and compliance risks associated with joint ventures.
- Create risk-based audit plans in alignment with joint venture agreements.
- Evaluate internal control systems and financial processes used by joint ventures.
- Conduct thorough audits to determine appropriate and proper treatment of shared costs and revenues among partners.
- Review and analyse financial information to validate audit conclusions.
- Deliver clear, professional and actionable audit reports.
- Provide proper communication of audit findings to joint venture partners, management, etc.
- Promote accountability through established reporting standards.
- Utilize the joint venture agreement as a guide in the preparation of a unified approach to the audit process.
Target Audience
This course is suitable for professionals involved in auditing, finance, and governance within joint ventures, particularly in the oil and gas sector, including:
- Internal and external auditors
- Joint venture accountants and finance managers
- Audit managers and audit supervisors
- Compliance and risk management professionals
- Financial controllers working with joint ventures
- Project finance and cost control professionals
- Oil and gas professionals involved in joint venture oversight
- Professionals seeking to strengthen their audit planning and reporting skills